Shanghai:A significant Memorandum of Understanding (MoU) on Strategic Cooperation has been signed between the State Oil Company of Azerbaijan Republic (SOCAR) and China Petroleum and Chemical Corporation (Sinopec Corp.). The signing took place in Shanghai, People's Republic of China, marking a new phase of collaboration between the two energy giants.

According to Trend News Agency, the MoU was signed by SOCAR Vice President Fuad Musayev and Li Yuxing, Vice President of Sinopec Corp. The agreement is set to enhance cooperation in procurement and supply chain management between the companies.

The document outlines plans for both parties to share information on supplier resources and develop strategies for supply chain management. It also includes provisions for exchanging experiences and best practices, exploring opportunities to integrate products, equipment, and services into each other's procurement and supply chains, and cooperating in other mutually agreed areas.

Sinopec Corp., one of China's largest integrated energy and chemical companies, engages in a wide range of operations, including oil and gas exploration, production, processing, transportation, and sales, along with petrochemical manufacturing and technological research and application. Established on February 25, 2000, Sinopec Corp. is publicly listed on major stock exchanges, including Hong Kong, New York, London, and Shanghai. The company boasts over 100 subsidiaries and affiliated entities, focusing on various sectors such as oil and gas exploration and production, oil refining, the chemical industry, and foreign trade, with its primary assets and markets located in China's eastern, southern, and central regions.

The largest shareholder of Sinopec Corp. is the state-owned China Petrochemical Corporation (Sinopec Group), which functions as a state-owned investment and management entity, established in 1998.